They tend to find the worse for wear properties at the lowest prices, so if you're looking to do heavy rehabs that's a good starting point. speaking with other flippers in the area or real estate agents would help give you the best idea of what you may be looking at for ARV's and rents if you planned on holding any of your properties. 

So competition goes up.

Looks nice and clean @Annie Balagot, but you are in a very competitive market and your bedrooms need better themeing.

I wish I would've thought about househacking back then so its cool to see someone taking advantage of the strategy.As you mentioned, Long Island is super expensive and competitive.

It is a common theme in the area and less competition is making it harder to keep prices down, but I'll definitely be shopping around. 

For new STR owners it's going to be difficult to get going with more competition - but not impossible.

I like this idea for it gives me peace of mind but it has a heavy up front cost.

I had made a list last year from the kind people on BP...I called around 12 banks, found the 3 with the most competitive rates...lost the list and all my info in a house move...I’ll get to calling these banks tomorrow!

In an ideal situation, this kind of deal can benefit all the parties involved, especially if it's a highly desirable property; The seller gets some privacy, the agent makes a few calls, and the buyer has less competition.

With the increased competition among sellers, it’s crucial to prepare a listing to stand out among the rest and work to address buyer objections prior to going on market.